Looks like the boxes are selling...
Revenues in the three months ended September 30, 2000 were approximately
$821,000; the Revenues for the three months ended September 30, 1999 were
negligible.
Sales in the three months ended September 30, 2000 were to four customers, based
in Australia, India, Greece and the United Kingdom.
Revenues stated at the end of September relate only to the selling price of the
IAD. The Company expects in future to report on going revenues relating to these
sales. The sales reported in the three months ended September 30, 2000 include
the first sales relating to Version 3 of the IAD.
Probably why we're at new lows...
At September 30, 2000 the Company's principal source of liquidity was
approximately $1,606,000 in cash of which $1,500,000 is deposited as collateral
for a standby letter of credit in favour of Flextronics.
The Company believes that cash flows expected to be generated by operations
through the remainder of fiscal 2001 will be insufficient to meet its cash needs
for working capital and capital expenditures for remainder of fiscal 2001. The
Company is actively pursuing negotiations for additional capital to fund its
operations through private sales of equity or debt securities and/or borrowings
from third parties. The sale of additional equity or convertible debt securities
will result in an additional dilution to the Company's stockholders.
The lacks of posts even with this new 10Q showing significant sales shows how poorly the company does its PR. Oh well...till the next 10Q! |
